As stated in its annual report, Unik Computer Corporation is an information technology company, developing and marketing hardware, software, solutions, and services. The following hypothetical trial balance lists accounts that Unik uses. Assume that the balances are unadjusted at the end of a recent fiscal year ended December 31.

Required:
1. Based on the information in the unadjusted trial balance, list the deferred accounts that may need to be adjusted at December 31 and the related income statement account in each case (no computations are necessary).
2. Based on the information in the unadjusted trial balance, list the accrual accounts that may need to be recorded at December 31 and the related income statement account in each case (no computations are necessary).
3. Which accounts should be closed at the end of the year? Why?

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UNIK COMPUTER CORPORATION Unadjusted Trial Balance At December 31, 2010 (millions of dollars) Debit Credit Cash 4,091 Trade receivables 6,998 Inventories 2,005 Prepayments 624 Property, plant, and equipment 5,223 Accumulated depreciation $ 2,321 Intangible assets 3,641 Other assets 3,414 Trade payables Accrued liabilities Income taxes payable Pension obligations Other liabilities Share capital Retained earnings Product revenue 4,237 1,110 282 545 5.104 7,270 8,633 27,372 Services revenue 3,797 Cost of products sold 21,383 Cost of services sold 2,597 Marketing and administrative expenses 4,978 Research and development costs 1,353 Cther operating expenses 4,283 Income tax expense 81 60,671 60,671